This information should be regarded as a guide only and
the exact terms, conditions, exceptions and limitations of the coverage as
provided is determined by the actual policies issued to Members by the
JUSTITIA Insurers.
Professional Indemnity Insurance
This scheme includes:
- Civil liabilities including legal liability for negligence, breach
of statutory and fiduciary duties or trust
- Coverage for appointments as trustees, receivers/liquidators,
directors or officers of bodies corporate, provided the fees from such
are declared to Insurers. (Also see special notes below.)
- Automatic Extensions for:
- Defamation
- Employees Dishonesty
- Loss of Documents including Computer Systems Records – Property
Damage cover up to $250,000 in the aggregate
- Quasi-Judicial Representation Costs up to $100,000 in the aggregate
- Financial Planning Activities and Mortgage Broking Activities
- Optional Extensions for:
- Fidelity Insurance for partner or employee defalcations up to
$500,000 in the aggregate
- Dishonesty of Partners – up to $500,000 any one claim and in the
aggregate for all claims during the period of cover
- Endorsements for:
- Waiver of subrogation rights against partners or employees
- Non-disclosure and misrepresentation protection for innocent
partners or directors
- Non-imputation protection for innocent partners or directors
- Continuity of Indemnity protection
Special Notes
(i) The coverage available for advice given as a trustee
or company director relates to the advice or services rendered by the
practice and should be regarded as "back-stop" coverage only.
(ii) Acting in these capacities imposes severe
liabilities. Members should seek advice from the JUSTITIA Insurance
Consultants regarding the arrangement of extended coverage for the
appointment of adequate specialised Trustee
Liability and Directors & Officers coverage for the organisations
concerned.
(iii) This would provide members with a much wider degree
of personal protection against the actions of other trustees or directors
and officers.
- Refer to
Indemnity
Insurance Proposal Form
(PDF download:
247 kb)
|
